The global LED driver market is expected to reach an estimated $16.1
billion by 2023 with a CAGR of 15.5% from 2018 to 2023. The major growth
drivers for this market are increasing building and construction
activities, favorable government regulations for energy efficiency, and
increasing adoption of LED lighting in emerging countries.

The future of the LED driver market looks attractive with opportunities
in the residential, commercial, industrial, and automotive lighting
sectors.

Emerging trends, which have a direct impact on the dynamics of the LED
driver industry, include the development of visible light communication
(VLC) LED drivers, and the development of color tunable LED drivers.

Research forecasts that the constant current LED driver will remain the
largest product type; it is also expected to witness the highest growth
due to ability to provide consistent brightness with lower power
consumption and increasing demand in LED backlighting and general
lighting applications.

Within the LED driver market, the general lighting segment will remain
the largest application. It is also expected to witness the highest
growth rate due to increasing demand for energy-efficient products in
residential and commercial lighting, increasing usage of LED drivers for
building and lighting management systems, and the decreasing price of
LEDs.

Asia Pacific is expected to remain the largest region, and it is also
expected to witness the highest growth over the forecast period due to
increasing penetration of LED lighting in the automotive and building &
construction industries. Production and consumption of LED lighting in
China is highest, and modernization of infrastructure is expected to
propel the demand for lighting products in China.